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March 2018 Nantucket Real Estate Market Insights


Market Insights

antuket Real Estate Market Report

It’s unclear which was a bigger force in the first quarter of 2018: mother nature or the Nantucket real estate market. Nor’easter after nor’easter didn’t deter buyers as first quarter sales bested every quarter since 2005 with 121 transactions totaling $266 million in dollar volume. These figures were 38 percent and 54 percent ahead of 1Q17 on respective basis and are only surpassed by the 154 transactions that took place in 2005 (though dollar volume was $251 million at the time). Home sales rose despite declining inventory and vacant land sales surpassed the five-year average. In digging into sales data, what is most interesting is that some properties are trading for less than the original purchase price within the last one to five years. Further, we are still seeing homes marketed for longer than one year (and in some cases, many more), even in this market. It is a prudent reminder to buyers, sellers and agents that pricing is as important as ever. Here are Fisher’s first quarter market insights…